Mosman Oil and Gas Limited, the New Zealand and Australia focused oil exploration and development company, disclosed Tuesday that EP145 in Australia’s Northern Territory has been granted to Trident Energy Limited (Trident) by the Delegate of the Northern Territory Minister for Mines and Energy.
The grant of EP145 before the end of the Offer Period is a Condition of the off market takeover offer by Mosman for Trident on the terms and conditions detailed in the Bidder’s Statement. The grant of EP145 has now satisfied this Condition to the Offer.
EP 145: AMADEUS BASIN, NORTHERN TERRITORY (100 PERCENT)
EP 145 is a permit in the Amadeus Basin in the Northern Territory of Australia. A deed for exploration between Trident and the Central Land Council (CLC) for native title matters has been successfully negotiated and executed.
The Amadeus Basin comprises 65,637 square miles (170,000 square kilometers) and is one of Australia’s least explored basins, which contains two producing fields, Mereenie Oil and Gas field and the Palm Valley Gas field. Recently, Central Petroleum has developed the Surprise Oil Field, demonstrating oil as well as gas in the western part of the basin.
EPA 145 is close to existing infrastructure, and the permit area contains the West Walker-1 Discovery which flowed 3.5 million cubic feet per day (MMcf/d) gas with composition similar to the Mereenie oil field.
John W Barr, executive chairman of Mosman commented: “The grant of EP145 is a major step forward in the Takeover process of Trident, and satisfied an important Condition to the Offer.
The Trident acquisition complements Mosman’s existing Petroleum Creek and Officer Basin projects, ensuring that Mosman has a diversified asset portfolio in 5 prospective hydrocarbon regions.
Exploration of the 5 permits is fully funded and we believe the enlarged portfolio will deliver operational activity and exploration milestones in the coming months and years.”
TRIDENT EXPLORATION ASSETS
In addition to EP145, as detailed in the Bidders Statement, Trident has interests in the following oil and gas exploration permits in Australia:
VIC/P62 –Otway Basin, Victoria (30 percent)
VIC/P62 is a large 1,787 square miles (4,630 square kilometers) permit in shallow water 164-295 feet (50- 90 meters) in the Otway Basin. Loyz Energy Limited (a company listed on the Catalist Exchange of the Singapore Stock Exchange) has a 70 percent interest and funded a 3D seismic survey in 2013 at a cost of in excess of $4.19 million (AUD 4.5 million).
Mosman has had all the data reviewed by SRK Consulting (Australasia) Pty Ltd and is encouraged by their identification of multiple possible drilling targets.
Within the Otway Basin there is commercial production both onshore and offshore.
On July 11, Vic/P62 was renewed (with a reduction in its area).
EP478 – Canning Basin, WA
The EP478 permit is located in the Canning Basin of Western Australia. The permit covers an undrilled large structure and other structures on a proven petroleum system. (Looma-1: 500 million barrel tight oil discovery).
Trident has the right to farm-in to 17.5 percent of EP478 by funding 25 percent of the first well. Should Trident not elect to farm in and the well is a discovery, Trident earns 7.5 percent of the permit.
Apache Energy has an option to take up to a 40 percent in interest in EP478, subject to the exercise of Trident’s pre-emptive rights.